The former CEO at footwear firm Ultrasonic AG, who disappeared last week along with most of the company's cash, has told the company he will return the missing money.

In an update to the saga today (22 September), Qingyong Wu is said to have contacted Clifford Chan, the company's CFO, by phone, claiming that he would return to the company and that he would also return the funds.

But the Germany-listed footwear firm also said, however, that attempts by a representative of the Ultrasonic supervisory board to contact Wu had been unsuccessful.

Speaking to Chinese media, Wu said he had lost his mobile phone while on holiday, adding that reports he had absconded with the money were "purely rumors."

Both Qingyong Wu, and COO Minghong Wu, were reported missing a week ago, with Ultrasonic saying the company's cash had also been transferred out of China and Hong Kong and was "no longer in the company's range of influence."

However, the German holding company said it had a "relevant six-figure amount in command" that means it is currently able to meet its payment obligations.

The disappearance followed an announcement that the company's COO had to go to hospital "for medical treatment due to ongoing health problems" and would be taking a six-month leave of absence.

Ultrasonic also said last week that the incident had sparked potential insolvency proceedings as a possible default on a $60m credit facility secured in August from Nomura International (Hong Kong) to fund growth, particularly through acquisitions. But it said it was in talks with creditors to try to avoid insolvency action.

Cologne based Ultrasonic is the German holding company of a Chinese manufacturer in in Fujian province, China and supplies high-quality branded urban footwear products. The shoes are sold in more than 100 Ultrasonic shops, mainly in department stores in Chinese tier 1 to tier 3 cities.

In 2013, the Ultrasonic Group generated a net profit of EUR35.0m (US$45.4m), as group revenues grew 9.9% to EUR163.8m.